We have very brash sellers who has recommended a lock out agreement with a non-refundable deposit 6,000. Are such agreements appropriate for Bramford conveyancing transactions?
There are two primary concerns with executing a lock out contract (sometimes termed a no-shop agreement) is that it can distract from making progress with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could turn out to be a cause of frustration and delay. It is not particularly popular amongst Bramford conveyancing practitioners as a result. A further concern is the extent of the remedies available - an aggrieved buyer should not expect to obtain injunctive relief to prohibit the owner completing the sale to a third party, so the only remedy available under the contract will be the reimbursement of wasted charges and, in rare circumstances, the extra payment of damages.
Our bank has recommended solicitors on their panel based in Bramford but I would rather instruct a conveyancing lawyer in Bramford local to me. Can you assist?
The minority of Bramford conveyancing practitioners are listed all banks conveyancing panel. Please make the most of the above search tool to identify a Bramford conveyancing solicitor on the on the lender panel.
How does conveyancing in Bramford differ for newly converted properties?
Most buyers of new build residence in Bramford approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Bramford typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bramford or who has acted in the same development.
What tools are available to search for a Bramford law firm on the Accord Mortgages Ltd conveyancing panel? I have wheels and am prepared to travel upto 10miles to meet the lawyer.
Feel free to make use of the search on this website. Please select a bank and your location and you will see a number of Bramford conveyancing lawyers located nearest you. We have listed some Bramford conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the Accord Mortgages Ltd member panel
I am employed by a busy estate agency in Bramford where we see a few flat sales jeopardised due to short leases. I have been given inconsistent advice from local Bramford conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Bramford Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
The answer will be important as a) areas can cause problems in the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the tenants have an issue with the running of the building you will wish to have all the details Best to be warned if a new roof is being installed or some other major work is due shortly to be shared amongst the leasehold owners and may well materially increase the the maintenance costs or require a specific payment. For most Bramford leaseholds the cost for major works tend not to be incorporated into the maintenance charges, although a few managing agents in Bramford obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance.